An increase in the capital stock will
A) flatten the production function. B) steepen the production function.
C) shift the production function upward. D) shift the production function downward.
C
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A necessary condition for "perfect competition" is
A) price searchers. B) price takers. C) legal restrictions on entry into the market. D) a small number of huge firms. E) widespread and long-run economic profits.
One of the monetary policy goals of the Federal Reserve is price stability
Indicate whether the statement is true or false
Bob's Baubles, Inc, sells its product for $3 each in a perfectly competitive market. If it increases its workforce from 1,000 to 1,001, its output goes from 615 to 625 per day. Its marginal revenue product for the 1,001st worker is: a. $3
b. $1, 845. c. $30. d. $3,003.
The IMF was
a. created during the Great Depression to regenerate trade. b. created during the Kennedy round of GATT negotiations in the 1960's. c. created at Bretton Woods to facilitate international exchange. d. abolished by President Nixon in the early 1970's.